A strategic plan provides one of the most important frameworks for any business.
As it essentially lays down the groundwork and sets the direction for the future of your organisation, it makes sense to take the effort to craft your strategy properly. Here are some tips on creating a successful strategic plan.
Start with your vision
Before you jot down a single word on your strategy, you should evaluate what the wider vision of your organisation is. Where do you want it to be in the future, and what steps will you need to take to get there?
Consider your organisation’s purpose in both the corporate and social spheres, and how your vision will help fulfil it.
By starting with these broader concepts, you can then narrow down into the specifics of your strategic plan, such as your goals, tactics and objectives.
Identify a timeframe
Decide on a clear timeframe by which you want to realise your strategy, whether it is one, five or ten years.
Having a timeframe to work with will help you set definite benchmarks against which you can measure your progress. For example, increasing market share by 40 per cent within three years gives you a clear goal you can work towards and track over time.
It is important to remember that a strategic plan, even when completed, is not set in stone.
Rather, it is a ‘living’ document that has to change with the times and adapt to new circumstances.
To enable this, you have to allow everyone in your organisation access to your strategy through a clear strategy mapping system. By utilising the power of business strategy software, you can communicate your strategy across your company at all times and allow it to be reviewed as and when needed.